Panchakanya Mai Hydropower issuing 11 lakh unit IPO shares to the project affected local residents from Magh 5; Offer ends on Magh 19

Panchakanya Mai Hydropower Limited will be issuing Initial Public Offering (IPO) shares of 11,00,000 units shares worth Rs 11 crore at par value of Rs 100 per unit to the projected affected local residents of Sandakpur Rural Municipality and Ilam Municipality from Magh 5, 2074.

The issue will closed on Magh 19, 2074.

Sunrise Capital Limited and Nabil Investment Banking Limited have been assigned as the issue manager.

Interested applicants can apply through designated branches Sunrise Bank and Prabhu Bank, Panchakanya Mai Hydropower site office and Sandakpur Rural Municipality. Applicants can apply minimum of 20 unit shares and maximum of 5,500 unit share.

Securities Board of Nepal (SEBON) had already provided approval on Mangsir 6, 2074.

Panchakanya Mai Hydropower will be issuing total of 27.50 lakh units IPO shares. Of the total shares, the hydropower company has set aside 11 lakh units shares for the project affected area and 16.50 lakh unit shares for general public at the face value of Rs 100.

ICRA Nepal has assigned “IPO Grade 4” to the issue, indicating below average fundamentals.

The hydropower company has generated 9.98 MW electricity from its project area -Mabu, Maimjhuwa and Sulubung VDC of Illam district. Now the capacity of the hydropower project has been increased to 12 MW. In addition the company’s 6.1 MW Upper Mai (Cascade) Hydropower Project is in final stage of construction.